Converge Technology Solutions Corp. (TSE:CTS) Raises Dividend to $0.02 Per Share

Converge Technology Solutions Corp. (TSE:CTS) announced a quarterly dividend on Wednesday, May 8th, TickerTech reports. Stockholders of record on Thursday, May 23rd will be paid a dividend of 0.015 per share on Thursday, June 6th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Wednesday, May 22nd. This is an increase from Converge Technology Solutions’s previous quarterly dividend of $0.01.

Converge Technology Solutions Price Performance

Shares of TSE:CTS opened at C$5.07 on Friday. The company has a 50-day simple moving average of C$5.54 and a 200-day simple moving average of C$4.54. Converge Technology Solutions has a one year low of C$2.24 and a one year high of C$6.06. The company has a debt-to-equity ratio of 71.05, a quick ratio of 0.68 and a current ratio of 1.04. The stock has a market capitalization of C$1.03 billion, a price-to-earnings ratio of -507.00, a PEG ratio of 0.14 and a beta of 1.91.

Converge Technology Solutions (TSE:CTS) last issued its earnings results on Thursday, May 9th. The company reported C$0.11 earnings per share for the quarter, hitting the consensus estimate of C$0.11. The company had revenue of C$628.77 million for the quarter, compared to analyst estimates of C$661.10 million. Converge Technology Solutions had a negative net margin of 0.05% and a negative return on equity of 1.03%. On average, analysts predict that Converge Technology Solutions will post 0.599777 EPS for the current year.

Insider Buying and Selling at Converge Technology Solutions

In other Converge Technology Solutions news, Senior Officer Greg Berard purchased 8,775 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were purchased at an average cost of C$5.80 per share, with a total value of C$50,895.00. In the last quarter, insiders have bought 11,590 shares of company stock worth $66,944. Corporate insiders own 5.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CTS. CIBC boosted their target price on shares of Converge Technology Solutions from C$4.50 to C$5.00 and gave the stock a “neutral” rating in a research report on Thursday, March 7th. Echelon Wealth Partners upped their price target on Converge Technology Solutions from C$5.80 to C$6.25 and gave the company a “sector perform” rating in a research report on Thursday, March 7th. TD Securities boosted their target price on shares of Converge Technology Solutions from C$4.25 to C$6.00 and gave the company a “hold” rating in a research note on Thursday, March 7th. Raymond James raised their price target on shares of Converge Technology Solutions from C$5.50 to C$6.50 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Finally, Eight Capital boosted their price objective on shares of Converge Technology Solutions from C$7.00 to C$9.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Converge Technology Solutions presently has a consensus rating of “Moderate Buy” and an average price target of C$6.47.

Converge Technology Solutions Company Profile

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.